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RSS By: Jim Wyckoff, Pro Farmer

Pro Farmer technical analyst Jim Wyckoff's daily thoughts.

Jim's Morning Markets Report--May 1

May 01, 2012

Tuesday, May 1--Jim Wyckoff's Morning Web Log

* JIM'S MARKET THOUGHT OF THE DAY *

Most European markets were closed overnight for the May Day
holiday, so trading worldwide is generally quiet. The main
market news today is likely to be the U.S. ISM
manufacturing report. That could be a market-mover.--Jim

U.S. STOCK INDEXES

S&P 500 futures: The shorter-term moving averages (4-, 9-
and 18-day) are bullish early today. The 4-day moving
average is above the 9-day and 18-day. The 9-day is above
the 18-day moving average. Short-term oscillators (RSI, slow
stochastics) are neutral early today. Today, shorter-term
technical resistance comes in at last week’s high of
1,402.80 and then at the March high of 1,419.60. Buy stops
likely reside just above those levels. Downside support for
active traders today is located at 1,386.70 and then at
1,371.00. Sell stops are likely located just below those
levels. Wyckoff's Intra-day Market Rating: 5.0

Nasdaq index futures: The shorter-term moving averages (4-
9-and 18-day) are neutral early today. The 4-day moving
average is above the 9-day and 18-day. The 9-day average is
below the 18-day. Short-term oscillators (RSI, slow
stochastics) are bearish early today. Shorter-term technical
resistance is located at 2,730 and then at last week’s high
of 2,746.00. Buy stops likely reside just above those
levels. On the downside, short-term support is seen at
2,708.75 and then at 2,695.00. Sell stops are likely located
just below those levels. Wyckoff's Intra-Day Market Rating:
5.0

Dow futures: Sell stops likely reside just below technical
support at Monday’s low of 13,120 and then at 13,100. Buy
stops likely reside just above technical resistance at
Monday’s high of 13,170 and then at 13,200. Shorter-term
moving averages are bullish early today, as the 4-day moving
average is above the 9-day and 18-day. The 9-day moving
average is above the 18-day moving average. Shorter-term
oscillators (RSI, slow stochastics) are neutral to bullish
early today. Wyckoff's Intra-Day Market Rating: 5.0

U.S. TREASURY BONDS AND NOTES

June U.S. T-Bonds: Shorter-term moving averages (4- 9- 18-
day) are bullish early today. The 4-day moving average is
above the 9-day and 18-day. The 9-day is above the 18-day
moving average. Oscillators (RSI, slow stochastics) are
neutral early today. Shorter-term support lies at the
overnight low of 142 21/32 and then at Monday’s low of 142
13/32. Sell stops likely reside just below those levels.
Shorter-term technical resistance lies at Monday’s high of
142 29/32 and then at 143 even. Buy stops likely reside just
above those levels. Wyckoff's Intra-Day Market Rating: 5.0

June U.S. T-Notes: Shorter-term moving averages (4- 9- 18-
day) are bullish early today. The 4-day moving average is
above the 9-day. The 9-day is above the 18-day moving
average. Oscillators (RSI, slow stochastics) are neutral
early today. Shorter-term resistance lies at Monday’s high
of 132.12.0 and then at the contract high of 132.17.0. Buy
stops likely reside just above those levels. Shorter-term
technical support lies at Monday’s low of 132.00.0 and then
at 131.19.0. Sell stops likely reside just below those
levels. Wyckoff's Intra-Day Market Rating: 5.0

U.S. DOLLAR INDEX

The June U.S. dollar index is slightly lower early today.
Prices Monday hit a two-month low. Bulls are fading. Slow
stochastics for the dollar index are bullish early today.
The dollar index finds shorter-term technical resistance at
79.00 and then at 79.33. Shorter-term support is seen at the
overnight low of 78.68 and then at 78.50. Wyckoff's Intra
Day Market Rating: 4.5

CRUDE OIL

Crude oil prices are trading weaker early today. Bulls have
gained a bit of upside momentum recently, but have more work
to do to try to sustain an uptrend. In June crude, look for
buy stops to reside just above resistance at Monday’s high
of $105.16 and then at $105.50. Look for sell stops just
below technical support at $104.00 and then at $103.50.
Wyckoff's Intra-Day Market Rating: 4.5

GRAINS

Markets were lower in overnight trading, on some profit
taking and corrective pullbacks from gains on Monday. Corn
and wheat bulls are working to gain upside technical
momentum to suggest market bottoms are in place. Soybean
bulls remain very strong. Focus will be on the Corn Belt
weather forecasts for the next several weeks.
 

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